TN US Senator Bob Corker OK’s Obama’s Fed Chair nominee despite reservations
U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking, Housing and Urban Affairs Committee, recently announced he will support Dr. Janet Yellen’s nomination to chair the Federal Reserve.
Whether its voting with Obama and the Democrats 63 percent of the time, a round of golf with the president or supporting Obamas nomination for Fed Chair, the Dems and Obama can count on Tennessee Senator Bob Corker to reach across the aisle and secure a crucial vote or nomination for supposedly the opposite side of the aisle.
This latest scoff by Corker comes as no surprise to many of his constituency in Tennessee.
Although having major reservations about her abilities to lead the fed, Corker threw his support behind her at the behest of Obama anyway.
About the nomination Corker said this, “I would prefer to see someone who held a more modest view regarding the limits of monetary policy on our economy, and I have been clear about that.”
“After she was nominated, I met with Janet Yellen on the topic of monetary policy, listened intently to her responses during the hearing, and met with her again this week to discuss financial regulation.”
“As a result of these conversations, I do believe she will bring a more transparent approach to Fed decisions and guDidance.”
He went on to say and this should concern all as to his ability to discern subject matter along party lines,“I am concerned that she lacks experience in systemic financial regulation, and I hope she will work hard to overcome this deficit and not just rely on others on the Fed board for this expertise. In a similar vein, as an academic, she is isolated from market dynamics, so I hope she will develop a cadre of practitioners who have the savvy that she lacks in order to help advise her in the event of another crisis.”
“In the end, I do believe she has the qualifications necessary to be the Fed chairman and plan to support her nomination.”
Essentially what he just said was he does not think she has the experience needed to do it, hopes she learns great on the job skills and surrounds her self with a fine group of mentors.
Bob Corker, this is no way to lead. We are in one of the most crucial financial times of our country. Our finances are in ruins and he is going to stretch out his hand to an inferior nominee just to appease the Commander in Chief, in exchange for a possible nod for a key position somewhere in Obamas cabinet in the near future.
Bob Corker said he ” doubts she can handle the subject of systemic risk!” This is no skill set that Corker should ignore or turn his head just to support the prez.
As I understand it, systemic risk refers to the risk or probability of breakdowns in an entire system, as opposed to breakdowns in individual parts or components, and is evidenced by comovements (correlation) among most or all the parts. (Kaufman and Scott 2003, 371)
Did you get that definition? “Systemic risk refers to the risk or probability of breakdowns in an entire system.
Seems it’s time for Corker to jump down off Obamas lap and run with his party or at the very least vote with his own findings and conclusions.
We can no longer afford to ignore the truth for DC Politics. It’s high time we elect a statesman that can run a state like he should and get his self interests out of DC and away from the liberal elite.
Understanding systemic risk!
Thanks to the Nashville Post for their recorded comments from Corker.